7 hours agoWhat's going on? Saudi Arabia borrows $15 billion
Periskopi(5 years ago)
(5 years ago)The Public Investment Fund in Saudi Arabia said on Wednesday it has signed loan agreements with different currencies with a group of 17 banks. According to this fund, the loan will offer additional capital country that can be introduced quickly when needed. This fund, which is the engine of the plans [...]
This fund, which is the engine of Prince Mohammed bin Salman's plans for economic transformation of Saudi Arabia, manages $400 billion.
The fund has been strengthened by several sources in recent years, including a transfer of $40 billion from the Central Bank reserve last year, Reuters writes, brings in Express.
Sources said the new loan will be used for general corporate purposes.
The Public Investment Fund began to raise bank debt in 2018 with an $11 billion loan, then in 2019 with another $10 billion loan returned last year.
The new $15 billion loan has been offered by 17 banks in Asia, the Middle East, Europe, Great Britain and the United States, is disclosed in the fund's statement.
Prince Mohammed, programme architect “Saudi Vision 2030”, aimed at cutting state dependence on oil by, said the fund plans to invest at least 40 billion in the local economy annually by 2025.
